Jim "Lucky" Moore, an insurance salesman, comes up with a novel policy for his friend, Steve: a 'love insurance policy', that will pay out $1-million if Steve does not marry his fiancée, Cynthia. The upcoming marriage is jeopardized by Steve's ex-girlfriend, Mickey, and Cynthia's disapproving Aunt Kitty. The policy is underwritten by a nightclub owner, Roscoe, who sends two enforcers - Abbott and Costello - to ensure that the wedding occurs as planned.

In the carnival in Spain in the beginning of the Twentieth Century, the exiled republican Antonio Galvan comes from Paris masquerade to enjoy the party and visit his friend Capt. Don Pasqual 'Pasqualito' Costelar. However, he flirts with the mysterious Concha Perez and they schedule to meet each other later. When Antonio meets Pasqualito, his old friend discloses his frustrated relationship with the promiscuous Concha and her greedy mother and how his life was ruined by his obsession for the beautiful demimondaine. Pasqualito makes Antonio promise that he would not see Concha. However, when Antonio meets Concha, she seduces him and the long friendship between Antonio and Pasqualito is disrupted